Allstate Bank

Although Allstate is most famous for its insurance services, the company also offers Allstate Bank services for online customers. The bank does not offer offline services, but its online financial product portfolio is well-established. Their financial products include IRAs, CDs and other online banking investment products. Allstate Bank has been reviewed favorably by its users for its easy online account management options and its 24/7 access thanks to its Internet-only approach.

There are several main online banking services offered through Allstate Bank. High-yield savings accounts are among the most popular. The annual percentage yield of these accounts will vary, but averages around .7%. A high-yield savings account through Allstate Bank can be managed 24/7 by phone or through the Internet. Checking account services were also available with similar 24/7 access, but Allstate stopped offering checking accounts and currently does not offer this particular service. The bank seems to be moving more towards a short-term investment-oriented approach as evidenced by its current products: insured money market accounts, CDs and IRA CDs. These products offer return rates above the national average and appear to be the primary focus of the bank's strategy. However, Allstate Bank services are not limited to short-term financial investments and savings accounts. Mortgages and loans are also available through the company, most of which are geared towards private consumers and homeowners.

When choosing a bank, financial stability is an important factor to consider. Allstate Bank is considered secure thanks to its association with the insurance company of the same name. The insurance side of the Allstate family is enormous, as Allstate is the largest publicly held personal insurance company in the United States. Allstate consistently has a total annual revenue of $30 billion or more, most of which comes from its personal liability insurance. Its banking products are a relatively small part of the company's overall income, but this means that loans and other products from Allstate Bank are fairly secure.

The high savings rates of Allstate make the online bank an exceptional choice for savings and investments, particularly for individuals looking to buy Certificates of Deposit. The bank has no physical locations, although it does issue ATM cards, so savings accounts are still accessible with minor ATM fees. Even so, banking customers should keep the company's lack of a physical office in mind. Allstate Bank services are highly reviewed by customers and are reported to be very accessible. When combined with the financial stability of Allstate and its reputation in the insurance community, Allstate Bank is a considerably strong choice for private banking and a popular option compared to other online-only banking service providers.